I was invited to speak on Fintech during Islamic Finance Conference 2016 jointly organized by Islamic Banking and Finance Institute Malaysia (IBFIM) and Malaysian Institute of Accountants (MIA). The conference was held at Istana Hotel, Kuala Lumpur on 23rd March 2016.
I spoke about the impact of Financial Technology (Fintech) on Islamic Finance. The following were the observations and recommendations that I shared with the audience:
- Fintech Penetration into Islamic Finance is still at infancy stage with small number of participants
- “Islamic Fintech” are mainly in the area of crowdfunding and P2P Lending
- Emergence of Fintech in Islamic Finance space is a blessing as it provides more choices for the consumers as well as providing platform for a more “genuine” Islamic financing
- For Fintech entrepreneur wannabe, it is a huge untapped industry. Consider beyond P2P and crowdfunding.
- For traditional providers, adopt Fintech innovation. Embark into digital banking journey by collaborating with Fintech companies
Other speakers were as depicted in the picture below.